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sti
Junior Member
173 Posts |
 Posted - 31 May 2008 : 00:08:30
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I have a failed IVA application, turned down this week and am considering options. I do not want to go down the BR route but if all else fails. If you go bankrupt will you still have to pay your creditors as the info we are getting seems to imply that your debts are not written off.
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debtfreesusie67
Junior Member
256 Posts |
Posted - 31 May 2008 : 00:57:13
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Hi Sti in bankruptcy everything is written off. What might happen if you have money left over after paying for the essentials is that you might need to pay some back. If you look at Skippys blog it shows the monthly amount that you may need to pay. It does depend on personal circumstances.
I went bankrupt on the 21st May and as I'm only on benefit I wouldn't need to pay anything back.
The only way is up
Sue |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 31 May 2008 : 12:42:53
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Hi Sti,
Sue is correct your debts will be written off on discharge from Bankruptcy, however if you have a disposable income after your monthly expenditure has been calculated you would be required to make a contribution to your debts via an income payment agreement (IPA)
The IPA would however only last for three years.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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pix1
Average Member
689 Posts |
Posted - 02 June 2008 : 13:33:43
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Debts for student loan or fraud are not written off in BR. These would probably be frozen until you are discharged and then you would need to make repayment arrangements from then on. Fines are also not written off. There may be other things but I know those aren't. Overpayments of things like state benefits are written off as long as there was no fraud in the matter.
All consumer credit act debts are written off, I believe. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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frx
Junior Member
171 Posts |
Posted - 02 June 2008 : 18:00:23
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| I take it council tax arrears would still have to be paid though |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 June 2008 : 19:22:02
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Hi Frx,
Council tax arrears can be included and written off in your BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Al_
Junior Member
182 Posts |
Posted - 03 June 2008 : 16:06:23
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Hi,
I had all my council tax arrears and fines written off.
Al. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 June 2008 : 16:54:48
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Hi Al,
Nice feeling isn't it?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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eamonn
Junior Member
320 Posts |
Posted - 04 June 2008 : 21:47:30
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| reading your answers i see that overpayment of state benefits can be included in br does that inclued child tax credit and loans from the socialfund |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 04 June 2008 : 22:16:22
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Hi eamonn,
Child tax credits etc work slightly differently, although you can write off funds owed the revenue would reduce any future entitlement to claim back the losses.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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If you go bankrupt will you still pay creditors
